Today we will discuss binary options, namely, how to choose their supplier. We’ll tell you about the rules that will help you choose your supplier and not make a mistake. But you should immediately understand, even if you choose the best supplier, you will not be insured against even minimal losses.
Rules for choosing a signal provider
1. Choosing the best signal provider by profit and drawdown indicators. Of course, this step seems obvious, but there is one small caveat. When choosing, do not forget about the cost of the subscription and the number of funds that you are willing to allocate to trade on the signals of others. Why? Let’s look at an example. You decided to subscribe to the signals of a trader who on average earns up to 5% of the deposit per month. Subscription fees are monthly and cost $ 20. Therefore, you need to invest $ 400 only in order to pay for the subscription (this is if you are going to trade with the same risks as the signal seller). You understand that without such means it makes no sense to subscribe to a signal. Of course, if you choose free signals or signals that are paid only from profitable transactions, then such problems will not arise.
2. Assessment of statute. Statement is a reflection of the way of trading. Avoid those signal providers who use martingale, averaging, and trading without SL in trading. All this is the cause of overstated risks, which can only lead to a loss of deposit. Avoid explicit piping as well, since there is a certain time delay between the opening of positions by the supplier and the subscriber, which in this case will definitely affect the trading results. You can also look at indicators such as, for example, the average ratio of profit/risk per transaction or profit factor. If these numbers are important to you, you can take them into account when choosing a signal provider.
3. Trial trading. Even if you find the best trading signals in your opinion, do not rush to invest real money in them. Subscribe for a short period of time, say, for 1 to 2 weeks, and trade on a demo account. Compare your trading results with the results of the signal provider. If the difference is not significant, then you can go to real. By the way, it is advisable to open an account with the broker used by the signal provider. This is necessary so that the same quotes are used in trading because they differ slightly between different brokers.
From myself, I want to advise you to try to trade according to signals from the vfxAlert provider. I myself trade on these signals, and you can see the result both in this video and in the past. I suggest that you start by simply trying to trade using vfxAlert signals, and then decide for yourself whether to continue to work with this provider or not. We wish you successful deals!